The company said oil output from the Platanillo field in Colombia rose to 4,475 barrels of oil per…

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Most of us like to add a little spice to our portfolio — one or two growth stocks among the more sensible big-cap choices.

Today I’m going to consider the attractions of a small-cap commodity stock and a FTSE 100 engineer. Could these provide the ideal mix of growth and income for your portfolio?

Gushing cash flow

The company said oil output from the Platanillo field in Colombia rose to 4,475 barrels of oil per day (bopd) during the six months to 30 June.

A combination of higher oil prices and rising production pushed H1 revenue up by 57% to $38.2m, while net cash from operations turned positive, rising from -$1.8m to $8.5m. The group ended the period with net cash of $29m.

More to come?

Amerisur’s progress over the last year or two has been a little slower than expected. But this £197m group still looks like one of the better choices in this sector to me.

Current production is said to be in excess of 6,000 bopd, and the company’s medium-term target is for production to reach 20,000 bopd. A total of 16 new wells are planned by the end of 2018, all of which are fully funded.

Analysts expect the firm to generate earnings of 1.4 cents per share this year, rising to 3 cents per share in 2018. That gives a forecast P/E of 16, falling to a P/E of 7.3 next year. I believe the shares could offer decent value — especially if oil prices continue to strengthen.

A FTSE sure thing?

Engineering group GKN (LSE: GKN) has shifted its focus towards aerospace over the last couple of years. The change has been well received by markets, as aerospace is seen as a good source of long-term growth.

Indeed, rumours suggest that the group has received at least one offer for its automotive division from a Chinese buyer. News that chief executive Nigel Stein is retiring — and will be replaced by the head of GKN’s Aerospace division — has added weight to these suggestions.

What seems clear to me is that GKN is modestly valued, and could be a rewarding long-term buy. The group’s shares trade on about 10 times forecast earnings, and offer a yield of 2.8%.

Although this may seem modest compared to some popular FTSE dividend stocks, it’s worth noting that GKN’s payout is expected to be covered more than three times by earnings. So a cut is extremely unlikely, even if profits fall short of expectations.

The group’s £1.8bn pension deficit is a risk, but this has fallen from £2bn at the end of 2016, and the group plans a further £250m reduction payment later this year. In my view, GKN’s large size and low debt levels mean that the pension deficit is an acceptable risk for shareholders.

I’d rate GKN as the kind of stock you can buy and tuck away for years. In my view the shares remain attractive at current levels — despite the recent surge, the shares are still 7% cheaper than they were six months ago. I can’t see any good reason for this.

A 200% growth opportunity?

The company concerned is a profitable mid-cap stock with big growth ambitions. Our experts believe the market is undervaluing this business. Their view is that the long-term value of this stock could be up to 200% higher.

Roland Head has no position in any of the shares mentioned. The Motley Fool UK owns shares of GKN. The Motley Fool UK has recommended Amerisur Resources. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.